A Comprehensive Global Transport Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 30, 2023 /PRNewswire/ — As per the Global Market Model transportation industry outlook, the worldwide transportation market reached a valuation of $5881.6 billion in 2022, constituting 5.9% of the global GDP. Forecasts anticipate a steady expansion at a compound annual growth rate (CAGR) of 7.6% spanning from 2022 to 2032. The transportation industry growth trajectory is foreseen to be propelled by factors like the increasing desire for autonomous vehicles, the surging demand for electric cars, and the growing need for intelligent mobility solutions, all of which are projected to energize the evolution of the transportation sector throughout the predicted timeframe.
What are top transportation industry segments and regions?
In 2022, the motor vehicle parts sector held the dominant position within the transportation market, constituting the largest segment at 43.6% of the total. Among the geographical markets, China emerged as the frontrunner, commanding a substantial share of 19.7% in the global transport market during the same year.
Transportation industry outlook
The projected outlook remains notably consistent with the previous forecast set for the close of 2022. This stability is attributed to the consideration of factors such as economic challenges, the ramifications of the Russia–Ukraine conflict, and the strain on consumer expenditures due to the combined effects of inflation and economic recession. These variables were already factored into the earlier forecast update. As a result, the prognostications for this market have maintained their steadfastness throughout this iteration of updates.
Gain more insights into the transportation industry trends with a free consultation:
The Global Market Model provides insights on the following key industry indicators enabling companies in transportation industry to deepen their analysis-
- Number of vehicles produced
- Number of vehicles sold
- Number of vehicles installed
- Number of enterprises
- Number of employees
Utilize the Global Market Model to access crucial transportation industry analysis. We’re here to address your specific requirements –https://www.thebusinessresearchcompany.com/global-market-model/demo-request
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SOURCE The Business Research Company